WalletHub logo trademarked by WalletHub

WalletHub study: 2022’s state economies with the most racial equality

With the unemployment rate at 6.2% for black people compared to 3.2% for white people, WalletHub released its report on the State Economies with the Most Racial Equality, along with accompanying videos and audio files.

In order to determine which states have the most racial equality in terms of employment and wealth, WalletHub compared the 50 states and the District of Columbia across eight key metrics. Our data compares the difference between white and black Americans in areas such as annual income, unemployment rate and homeownership rate. Below, you can see highlights from the report, along with a WalletHub Q&A.

Racial Equality in California’s Economy (1=Most Equality; 25=Avg.):

  • 21st – Median Annual Income
  • 32nd – Labor-Force Participation Rate
  • 27th – Unemployment Rate
  • 3rd – Homeownership Rate
  • 9th – Poverty Rate
  • 1st – Homeless Rate
  • 1st – Share of Unsheltered Homeless
  • 49th – Share of Executives

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/state-economies-with-most-racial-equality/75810/

WalletHub Q&A

What can the U.S. do to promote greater economic equality for black Americans?

“One way to help black Americans achieve greater economic equality is to increase funding for schools in underserved districts with high minority populations, since a better education can lead to better job opportunities in the future,” said Jill Gonzalez, WalletHub analyst. “In addition to providing higher quality education, we should combat the low representation of black Americans in business executive positions by promoting youth programs that offer resume-building leadership experience, and by pushing for merit-based advancement within large companies.”

Why does Alaska’s economy have the most racial equality?

“Alaska’s economy has the most racial equality for several reasons, including the fact that there is almost no difference in the unemployment rate for black people and white people, which suggests that there is less racial bias in hiring,” said Jill Gonzalez, WalletHub analyst. “Alaska also does not have a significantly higher poverty rate for black people than it does for white people.”

Why does the District of Columbia’s economy rank last for racial equality?

“The reasons why the District of Columbia’s economy ranks last for racial equality include the fact that it has the highest gap between the percent of white and black company executives in the country, as well as the highest unemployment-rate gap,” said Jill Gonzalez, WalletHub analyst. “The District of Columbia has one of the highest gaps in the poverty rate between white people and black people, as well.”

This article was released by WalletHub.